Deadline Approaching for SBA Disaster Loans in Washington for Weather Damage

Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration (SBA), has issued a reminder for private nonprofit organizations in Washington. The deadline to apply for SBA federal disaster loans for property damage caused by severe winter storms, straight-line winds, flooding, landslides, and mudslides from January 5-29 is June 27.

Eligible private nonprofits of any size that provide essential services of a governmental nature can apply for these disaster loans. The SBA offers loans up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets. Additional funds are available for improvements to protect against future disasters.

In addition to loans for property damage, the SBA provides Economic Injury Disaster Loans. These loans help eligible nonprofits meet working capital needs caused by the disaster. They can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the disaster’s impact. This assistance is available regardless of whether the nonprofit suffered property damage. The deadline to apply for these loans is January 28, 2025.

These low-interest federal disaster loans are available in several counties and areas in Washington, including Clallam, Clark, Cowlitz, Ferry, Grays Harbor, Island, Jefferson, King, Klickitat, Lewis, Mason, Okanogan, Pacific, Skagit, Skamania, and Wahkiakum counties, and the Confederated Tribes of the Colville Reservation.

• Interest Rate: 3.25%
• Terms: Up to 30 years
• Repayment: Begins 12 months from the date of the first disbursement
• Interest Accrual: Begins 12 months from the date of the first disbursement

Applicants can apply online and find additional disaster assistance information at SBA.gov/disaster. For further assistance, applicants can contact the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. For those who are deaf, hard of hearing, or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.

Private nonprofits in Washington affected by severe weather earlier this year should take advantage of this opportunity. The June 27 deadline is fast approaching for property damage loans, with an extended deadline for Economic Injury Disaster Loans. These SBA loans offer crucial financial support to help organizations recover and safeguard against future disasters.

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This article, "Deadline Approaching for SBA Disaster Loans in Washington for Weather Damage" was first published on Small Business Trends